Shiba Inu, the dog-inspired cryptocurrency is trading low for some days. Over the past six days, the SHIB coin has been trading below the $0.000044 area. At the same time, the coin has gained 6.66% in the last 24 hours.
Currently, Shiba Inu is trading at $0.000038 at the time of writing. Besides this, the coin is ranking no 13 with a market cap of $21,030,514,528. Overall, both the meme coins are going in a downswing. Are there any signs of a bullish Rally for the SHIB coin? Keep scrolling and read the full article.
Shiba Inu Price Analysis
Shiba Inu coin was created in August 2020, and after it arrived in the crypto world, the currency has experienced some massive gains. SHIB rose by over 173% at the end of October. Because of its high popularity and potential, most investors put their investment in this newly created coin.
Currently, the SHIB coin is going through a decline and has dropped by over 45% over the past few days. However, the downswing could be for a short time. The investors could see some massive gains soon.
During the massive sell-off, the SHIB coin price consolidated and followed a clear triangular pattern. There would be some volatile moves during the flag pattern.
However, the crypto market is highly volatile. So far, it has gone through different ups and downs.
Shiba Inu Coin Price Prediction
If we look at the price chart, it has created a falling edge recently, which means that it has an important support area at $0.000029. Shiba Inu coin price could bounce back from the support area. In that case, another spike is expected soon.
According to Fxstreet,
“As SHIB forms a base of sorts, investors can expect Shiba Inu price to see a bullish reaction soon. The first hurdle is a 25% upswing away at $0.0000442. Hence, market participants can expect the meme coin to see an uptick in its bullish momentum to this target.”
“Clearing this level will suggest that the buyers are dominating and also open the path to $0.0000543. Retesting this level will constitute a 55% ascent and indicate a full recovery.”
Overall, the SHIB coin has broken the channel and has returned to its daily trend line. So we can expect some gains and an upswing soon. Get ready for another move.
Don’t take these predictions as a piece of financial advice. Do your research because Crypto Markets are highly volatile. No one can exactly assure what’s going to happen next. All these predictions are made on technical Analysis.